Economics GCSE
Market power
What Market power means in Economics GCSE, as defined for AQA.
Definitions of Market power
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Reference: AQA
The ability of producers in non-competitive markets to set prices rather than accepting a prevailing market price.
Significant power held by monopolies because they lack competition, allowing them to act as price makers.
Topics that use Market power
- Non-competitive markets (AQA GCSE)
Related terms
- Barriers to entry
- Consumer welfare
- Dynamic efficiency
- Interdependence
- Market structures
- Monopoly
- Non-price competition
- Oligopoly
Using Market power in the exam
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